Abraxas Announces Upcoming Conference Participation and Closing of Non-Op Bakken Sale
June 04 2019 - 4:00PM
Business Wire
Abraxas Petroleum Corporation (“Abraxas” or the “Company”)
(NASDAQ: AXAS) today announced that the Company’s management
will participate in the upcoming Stifel 2019 Cross Sector Insight
Conference, June 10-12th in Boston, MA. The Company is scheduled to
present on Monday June 10 at 8:00 AM Eastern Time.
Separately, Abraxas recently closed on the sale of its non-op
Bakken assets for $15.5 million plus the assumption of an
estimated $5.4 million in outstanding AFEs. These
non-operated assets were located outside of Abraxas core operated
holdings of approximately 3,500 net acres in McKenzie County, ND.
The divestiture represented approximately 5 percent of the
Company’s current Bakken daily production. Abraxas is continuing
discussions with parties interested in acquiring operated
properties and with parties interested in acquiring a non-operated
position on a portion of the Company’s leases in the Williston
Basin. No assurances can be provided regarding the outcome of these
discussions.
Abraxas Petroleum Corporation is a San Antonio based crude oil
and natural gas exploration and production company with operations
across the Permian Basin, Rocky Mountain, and South Texas regions
of the United States.
Safe Harbor for forward-looking statements: Statements in this
release looking forward in time involve known and unknown risks and
uncertainties, which may cause Abraxas’ actual results in future
periods to be materially different from any future performance
suggested in this release. Such factors may include, but may not be
necessarily limited to, changes in the prices received by Abraxas
for crude oil and natural gas. In addition, Abraxas’ future crude
oil and natural gas production is highly dependent upon Abraxas’
level of success in acquiring or finding additional reserves.
Further, Abraxas operates in an industry sector where the value of
securities is highly volatile and may be influenced by economic and
other factors beyond Abraxas’ control. In the context of
forward-looking information provided for in this release, reference
is made to the discussion of risk factors detailed in Abraxas’
filings with the Securities and Exchange Commission during the past
12 months.
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version on businesswire.com: https://www.businesswire.com/news/home/20190604006037/en/
Steven P. HarrisVice President - Chief Financial
OfficerTelephone
210.490.4788sharris@abraxaspetroleum.comwww.abraxaspetroleum.com